The Manufacturers Life Insurance Company Sells 63,555 Shares of Coupang, Inc. (NYSE:CPNG)

The Manufacturers Life Insurance Company lessened its holdings in Coupang, Inc. (NYSE:CPNG - Free Report) by 48.8% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 66,767 shares of the company's stock after selling 63,555 shares during the period. The Manufacturers Life Insurance Company's holdings in Coupang were worth $1,639,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. West Tower Group LLC lifted its holdings in Coupang by 166.7% during the third quarter. West Tower Group LLC now owns 8,000 shares of the company's stock valued at $196,000 after purchasing an additional 5,000 shares in the last quarter. Bank of Montreal Can raised its position in shares of Coupang by 2,058.4% during the third quarter. Bank of Montreal Can now owns 245,109 shares of the company's stock valued at $6,081,000 after buying an additional 233,753 shares during the last quarter. Harvest Fund Management Co. Ltd purchased a new position in Coupang during the third quarter valued at $760,000. Bank of Hawaii bought a new stake in Coupang in the 3rd quarter valued at $598,000. Finally, Douglass Winthrop Advisors LLC boosted its holdings in shares of Coupang by 1.5% during the 3rd quarter. Douglass Winthrop Advisors LLC now owns 289,063 shares of the company's stock valued at $7,096,000 after purchasing an additional 4,272 shares during the last quarter. Hedge funds and other institutional investors own 83.72% of the company's stock.

Coupang Trading Up 1.2 %

CPNG stock traded up $0.29 during mid-day trading on Tuesday, reaching $23.72. 7,171,217 shares of the stock traded hands, compared to its average volume of 9,694,696. Coupang, Inc. has a one year low of $13.51 and a one year high of $26.91. The stock has a market capitalization of $42.67 billion, a PE ratio of 41.11, a PEG ratio of 215.12 and a beta of 1.07. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.86 and a current ratio of 1.13. The business has a 50-day moving average price of $25.00 and a two-hundred day moving average price of $23.11.

Coupang (NYSE:CPNG - Get Free Report) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $0.06 EPS for the quarter, beating the consensus estimate of $0.01 by $0.05. The company had revenue of $7.87 billion for the quarter, compared to the consensus estimate of $7.76 billion. Coupang had a net margin of 3.57% and a return on equity of 11.52%. The firm's revenue was up 27.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.05 EPS. Equities research analysts expect that Coupang, Inc. will post 0.11 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on CPNG shares. CLSA upgraded Coupang from a "hold" rating to an "outperform" rating and boosted their target price for the stock from $18.00 to $31.00 in a research report on Wednesday, September 4th. Sanford C. Bernstein upgraded Coupang from an "underperform" rating to an "outperform" rating and set a $30.00 target price for the company in a research report on Monday, October 7th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $27.56.

Insiders Place Their Bets

In related news, CEO Bom Kim sold 15,000,000 shares of the business's stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $22.97, for a total value of $344,550,000.00. Following the completion of the sale, the chief executive officer now owns 2,000,000 shares in the company, valued at approximately $45,940,000. The trade was a 88.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Greenoaks Capital Partners Llc bought 687,700 shares of the firm's stock in a transaction on Monday, November 11th. The shares were purchased at an average cost of $24.08 per share, with a total value of $16,559,816.00. Following the completion of the transaction, the director now owns 52,726,423 shares in the company, valued at $1,269,652,265.84. This represents a 1.32 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 13.60% of the company's stock.

Coupang Profile

Coupang, Inc, together with its subsidiaries owns and operates retail business through its mobile applications and Internet websites primarily in South Korea. The company operates through Product Commerce and Developing Offerings segments. It sells various products and services in the categories of home goods and décor products, apparel, beauty products, fresh food and groceries, sporting goods, electronics, and everyday consumables, as well as travel, and restaurant order and delivery services.